Property Management Growth with DoorGrow DGS 41: Systems and Processes to Scale to 2000 Doors
Are you stuck? The best way to get unstuck and grow your business is to talk to clients and customers. Today, I am talking to Chuck Hattemer, co-founder and CMO of Onerent, about systems and processes used to scale to 2,000 doors.
While in college, Chuck had a horrible housing experience as a renter. An aspect that drew Chuck into real estate was that he could impact some of the most sensitive parts of people’s lives as renters.
You'll Learn...[03:06] Chuck describes his company’s first platform, which was student housing with a few extra bells and whistles. [03:26] Onerent took that as a model to investors to raise seed capital. [04:14] Onerent pivoted to a full-service property management. Eventually, it scaled to managing 2,000 doors. [04:54] Having come from the renter’s perspective and a lack of experience, Chuck is still naive about some things. But that naivate lets him think out of the box for solutions. [05:20] Onerent identified problems people were facing, how to make the experience consistent, and how value translates to the investor. [07:33] The current trend is putting money into other things instead of buying a property. So, people, especially millennials, are renting. [07:50] Chuck expects a big move eventually by first-time investors that is fueled by technology. [08:25] Onerent hired staff new to the industry and with a different perspective to drive the company’s culture and mission regarding how to interact with renters and owners. [09:48] At Onerent, it is ok to fail and apply what you learned in the next initiative. It’s a sign that you are making progress toward being successful. [10:49] Create a culture where staff feels safe and comfortable to express problems. Support your team, and they will support you as an entrepreneur. [12:33] At Onerent, each part of the rental process is managed by its own team. This helps handle tasks and keeps tenants informed. This collaboration drives motivation, happiness, competition,and success. [14:59] Onerent follows a workflow business model where staff members specialize in one area. [15:55] Make changes. Onerent would not be where it is today and able to scale its business without having pivoted from software to full-service property management. [17:00] Onerent figured out how to grow its business - talk to customers and clients to identify its next move. [17:48] Companies often try to sell what they can sell instead of what their customers actually need. [18:15] Don’t change everything at the same time. Make iterative changes over time. [19:27] To grow your business, determine the scale. What’s the purpose of your property management business? What is your key output metric? What is the closest tie to revenue and customer satisfaction? [21:20] What are the inputs that go into that output? Consider the customer lifecycle. Determine where you will have the greatest impact to improve efficiency and operations. [22:40] Unlock growth by having a sales team and defined sales process. Develop credibility by aligning and partnering with large real estate brokerages. [24:15] Onerent’s key performance indicator is its time to lease. Chuck has to deal with various constraints, including listing exposure; qualified applications; and signed leases. [25:24] Utilize on-demand scheduling for showings. Onerent then dispatches a mobile manager who shows a property. [25:45] People usually have to pay application and documentation fees. However, Onerent offers a free application process. [27:10] How do you start a property at the right price? Educate property owners that if they list the property too high initially, their listing stays on the market too long. [28:35] In property management, how can you look at things with fresh eyes? Get out of your office and talk to customers. Make sure to have an open mind about all problems. [29:30] Think about your own problems as a property owner. The best way to start a new business is to solve your own problems. [30:30] Entrepreneurs love to solve problems. If you could solve a problem, what would it look like? Unpack a problem into small components. Don’t try to solve it all at once.
TweetablesIf you could solve a problem, what would it look like? Be open to feedback.
Companies sell what they can instead of what their customers actually need.
Create a culture where the staff feels safe to express when they are stuck.
ResourcesChuck Hattemer on LinkedIn
Chuck Hattemer on Quora